New condo-hotel at Fontainebleau about 55% sold before construction begins
By Marilyn Bowden
Fontainebleau II, a condominium and hotel tower at the south end of Miami Beach's famed Hilton Resort & Towers with the same name, will break ground in late July or early summer, said Bruce Wiener, president of Turnberry Associates.
Turnberry, whose former local projects include Aventura Mall, is developing the tower in a joint venture with the Fontainebleau Hilton, 4441 Collins Ave., Miami Beach.
The average price of $650 a square foot is at the high end of new residential development, said Mark Pordes, Turnberry director of sales. With firm contracts for 245 units, he said, the project is about 55% sold. He estimated sales of 15 to 17 units a month.
Buyers are coming from many parts of the US, Mr. Pordes said, including New England, New York and Chicago, as well as from the local market. On the Latin American side, he said, Venezuela and Argentina are very strong.
Mr. Weiner said opening of the 36-story glass tower, designed by John Nichols of Nichols Brosch Sandoval, is due about 28 months after construction starts.
Scotia Bank is the lead bank in financing the project, he said. Development costs are estimated at $225 million.
Melanie Muss, vice president of development at the Fontainebleau Hilton, said Fontainebleau II is the focal point of a major expansion and renovation of the landmark resort. Preliminary site work included rerouting of 44th Street, she said, completed at the end of last year.
Mr. Weiner said the residential tower is designed to accommodate owners who want to rent their units through the Hilton when they're not using them.
"There are 230 two-bedroom suites, or 462 hotel keys," he said, "depending on how you look at it. Each bedroom unit has two keys and can be rented separately."
The hotel's amenities include a 1,200-foot-long private beach, which publicists said would be the largest beach in Miami Beach. A European health spa, concierge, housekeeping and room services, and 24-hour security would all be extended to condo residents, Mr. Weiner said.
The 526-square-foot junior suites, which sport a combined living room and sitting area, kitchenette, master bath and balcony, are selling from $350,000-$425,000, Mr. Pordes said.
The project's 1,000-square-foot, one-bedroom suites have a full kitchen, living room, bedroom, two bathrooms and a balcony. They run from $635,000 to the $800,000s.
Mr. Weiner said one of two 4,500-square-foot penthouses, running east to west across the top floor, recently sold for close to $4 million.
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